The White House said China is now facing up to a 245 percent tariff on imports to the U.S. “as a result of its retaliatory actions,” another escalation in a trade war between the world’s two largest economies.
The top potential tariff is higher than the previously stated 145 percent and was referenced in a fact sheet published by the White House late on Tuesday.
It accompanied an executive order signed by President Donald Trump that launched an investigation into the “national security risks posed by U.S. reliance on imported processed critical minerals and their derivative products.”
Chinese foreign ministry spokesperson Lin Jian was asked about the 245 percent rate at a press briefing on Wednesday. “You can ask the U.S. side for the specific tax rate figures,” Lin said, China News Network reported.
“This tariff war was initiated by the United States, and China’s necessary countermeasures are to safeguard its legitimate rights and interests and international fairness and justice, which are completely reasonable and lawful.”
Trump imposed a 10 percent tariff on imports from all countries. He has temporarily paused additional “reciprocal” rates set individually for each country depending on the trade barriers faced by the U.S. to allow time for negotiations on new deals.
The exception to that pause is China, which is facing increasingly higher tariffs from the U.S. and has responded in kind, among other countermeasures.
This week, China imposed more export controls on rare earths, which include materials used in high-tech products, aerospace manufacturing, and the defense sector.
Despite the eye-watering tariffs and tough rhetoric, both the U.S. and China have said they are open to talks on trade, though further tit-for-tat retaliation is likely in this conflict between two great powers.
China doesn’t face a 245% tariff. Us US individuals and small businesses face a 245% tariff.
Sure, but this lowers US consumer demand for goods produced in China, giving the PRC motivation to seek increased economic ties elsewhere. China is negatively impacted by this in the short term, though they are better equipped to handle it due to actually holding the productive forces in the equation.
-President Xi Jinping
I also really like Democracy is not an Ornament and Water Droplets Drilling Through Rock.
Thanks for sharing this, this is cool. If Xi Jinping were not a political leader, I think he would be a poet. (Assuming he writes his own speeches, if not, whoever is amazing.)
Yep! He probably has some help, but many Chinese write in similarly flowery ways, especially those who rise through the ranks of the CPC due to how its structured.
He has a political advisor who helped him develop his thought and helped him write the book.
Wang Huning?
It lowers the ability for Americans to pay for those goods. China might be affected, but the Americans are getting screwed.
Sure, I agree that the US is fighting a losing battle and that the US Working Class will end up paying the most for it.
That’s the weird endgame here, the result will be stronger international China influence and less international US influence.
It’s like the Generals willfully losing against the Globetrotters.
It might have worked back in the 90s, when China was more reliant on the US, but now China has built up BRICs and the BRI, it has a much better industrial base and more customers. In the end, this dramatically benefits China’s standing.